TSX:TCW - Post Discussion
Post by
retiredcf on Aug 14, 2023 8:44am
Ink Research
August 14, 2023
Morning Report: Trican Well Service and Frontera Energy roar into the Top 40
The Energy sector added 7 more names to our August Top 40 report this month. Most of those have been featured in our morning report this year, but #9 Trican Well Service (TCW) and #30 Frontera Energy (FEC) have not. Trican has moved up the INK Edge rankings thanks to improving price momentum and modest insider accumulation. It supplies oil and natural gas well-servicing equipment and solutions in Western Canada, relying heavily on advanced fracturing technology that offers a reduced emissions profile. The stock took out its fall highs in the lead-up to Q2 results announced August 1st. Q2 revenue was $168.2 million, up 10% from Q2 2022 and diluted EPS was $0.04 versus $0.01. Despite forest fires, Trican reported fairly steady activity levels in Q2 and anticipates Q3 activity will be strong. It is upbeat about the outlook for global oil and gas demand and Canada's ability to benefit from it. Buybacks are Trican's preferred vehicle to return capital to shareholders, but it also pays a quarterly dividend of $0.04 per share.
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